Enel Green Power (“EGP”) has taken ownership of six wind farms in Portugal with a total installed capacity of 445 MW, following the approval by the General Shareholders Meeting of Eólicas de Portugal, S.A. (“ENEOP”) to split the company and allocate its 1,333 MW of wind power assets to its shareholders, pro rata with their shareholdings in the company.
The conclusion of ENEOP’s split satisfies a condition precedent to the closing of the agreement signed in September with First State Wind Energy Investments S.A. for the sale of all EGP’s assets in Portugal.
ENEOP was a joint venture between Enel Green Power España, S.L. (“EGPE”), through its subsidiary
Finerge Gestão de Projectos Energéticos S.A. (“Finerge Gestão”), TP-Sociedade Térmica Portuguesa S.A. (“TP”) – which in turn is wholly-owned by Finerge Gestão – EDP Renewables SGPS S.A. and Generg Expansão S.A.
The six wind farms will be owned by Finerge Wind, S.A., a new company created to hold the assets which is 50% owned by Finerge Gestão and 50% by TP. Taking into account these new assets, EGP now has 642 MW of net installed capacity in Portugal.
The required approvals of the terms of the split were all received by the Portuguese Government’s State Secretary of Energy, the Directorate General for Energy and Geology and the Portuguese Competition Authority.
Enel Green Power is the Enel Group Company fully dedicated to the international development and management of renewable energy sources, with operations in Europe, the Americas, Africa and Asia. With a generation capacity that corresponds to approximately 32 billion kWh in 2014 from water, sun, wind and the Earth’s heat – enough to meet the energy needs of more than 11 million households – Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix that provides generation volumes well over the sector average. The company has an installed capacity of more than 10,000 MW from a mix of sources including wind, solar, hydropower, geothermal and biomass. The company has about 740 plants operating in 17 countries.